The Financial Intelligence Analysis Unit ('FIAU') has, on the 3rd February 2020, issued Part II of its Implementing Procedures as applicable to the Virtual Financial Assets ('VFA') sector. These complement the Implementing Procedures – Part I by providing how VFA Agents, VFA Service Providers and Issuers of Initial VFA Offers are to adhere to the obligations arising from the Prevention of Money Laundering and Funding of Terrorism Regulations (Subsidiary Legislation 373.01).
These Implementing Procedures also apply to other subject persons handling VFAs in the course of carrying any relevant activity even though not licensed as VFA service providers. Additionally, any entities who have submitted a letter of intent to the MFSA notifying same of their intention to submit a licence application following the termination of the transitory period in terms of Article 62 of the Virtual Financial Assets Act (Chapter 590 of the Laws of Malta), shall also be subject to the Implementing Procedures.
Interested parties are reminded that the Implementing Procedures, which can be accessed via the FIAU's website, are binding upon all the relevant parties as from their date of issue.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.